The following Owner-Managed Businesses guidance note by Tolley provides comprehensive and up to date tax information covering:
Targeted anti-avoidance legislation tackles schemes which exploit relief for trading losses from partnerships, which individuals can claim against their other income or gains. These reliefs are referred to as ‘sideways loss reliefs’.
In addition to these anti-avoidance rules, there are also two other limits that must be remembered:
ITA 2007, s 103C
For further details, see Simon’s Taxes B7.522 (subscription sensitive).
Sideways loss relief is restricted in the first four years of trading for ‘non-active’ partners in a general partnership or limited
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